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Saturday, February 27, 2021

UK and Singapore Sign Free Trade Agreement

Singapore and the United Kingdom have signed a free trade agreement, bringing positive news for Boris Johnson’s government as it continues to be locked in negotiations with the European Union (EU) over its future relationship with the bloc.

Singapore and the United Kingdom have signed a free trade agreement, bringing positive news for Boris Johnson’s government as it continues to be locked in negotiations with the European Union (EU) over its future relationship with the bloc.

The UK’s International trade secretary, Liz Truss, has signed the agreement with Chan Chun Sing, her Singaporean counterpart, in the city-state on Thursday.

According to a joint statement made by the governments, a new agreement covers more than £17bn of trade in services and goods and largely copies the current EU-Singapore free trade agreement. 

Under the current deal, over 84 percent of tariffs that apply to Singapore goods that are exported to the United Kingdom are exempted.

The balance is predicted to be struck off by November 2024. 

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